Rand and government bonds stable

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IOL mot mar11 rand notes AP

Johannesburg - South Africa's rand was steady against the dollar on Tuesday and is likely to trade range-bound in the absence of market-moving data.

The rand was at 10.7465 to the dollar at 0640 GMT, in line with Monday's New York close.

Trading is expected to be subdued on Tuesday but the release of the South African Reserve Bank's quarterly bulletin on Wednesday should provide momentum for the rand.

Manufacturing and mining data for January will be released on Thursday.

“Over the past six weeks, no news has been good news for the rand,” Rand Merchant Bank analysts wrote in a note. “Maybe a few days of calm would restore the rand's strengthening trend, but it's too early to think this will be strongly the case today.”

Government bonds were little changed, with yields on the 2026 and 2015 issues each gaining 1 basis point to 8.56 percent and 7.045 percent respectively.

Reuters


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